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Sep 30, 2024
Aurinia Q3 2024 Earnings Report
Achieved revenue growth and progressed AUR200 development amid strategic restructuring.
Key Takeaways
Aurinia Pharmaceuticals reported strong Q3 2024 results with a 24% increase in total net revenue and a 36% increase in net product revenue compared to the same period last year. The company is undergoing a strategic restructuring to focus on LUPKYNIS growth and AUR200 development, expecting significant cost savings.
Total net revenue reached $67.8 million, a 24% increase year-over-year.
Net product revenue was $55.5 million, representing a 36% increase year-over-year.
Cash flow from operations was $17.0 million for the quarter.
The company anticipates over $40 million in annualized cash-based operating expense savings post-restructuring.
Aurinia
Aurinia
Aurinia Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
Aurinia reiterates its 2024 net product revenue guidance range of $210 to $220 million and anticipates a one-time restructuring charge in Q4 2024.
Positive Outlook
- Reiterates 2024 net product revenue guidance range of $210 to $220 million.
- Anticipates post-restructuring annualized cash-based operating expense savings of more than $40 million.
- Focus on continued LUPKYNIS growth and AUR200 development.
- Streamlined organization to lean further into key areas of the commercial LUPKYNIS business.
- Acceleration of the development of AUR200.
Challenges Ahead
- Anticipates a one-time restructuring charge in the fourth quarter of 2024 of $15 to $19 million.
- Workforce reduction of approximately 45%.
- Restructuring expenses primarily included employee severance, one-time benefit payments, and contract termination expenses.
- Difficulties Aurinia may experience executing its restructuring program.
- Challenges in the conduct of clinical studies.